Castrol India : Outcome of Board Meeting- 2 August 2021 pdf / 2.8 MB

2 August 2021
To,
The BSE Limited,	National Stock Exchange of India Limited,
Phiroze Jeejeebhoy Towers,	Exchange Plaza, Bandra Kurla Complex,
Dalal Street, Mumbai 400001.	Bandra East, Mumbai 400051
Scrip Code: 500870	Scrip Symbol: CASTROLIND
Dear Sir,

Sub: Outcome of Board Meeting- Regulations 30 and 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

This is further to our letter dated 1 July 2021, informing the Exchanges about date of board of directors' meeting being 2 August 2021, inter- alia, to approve the unaudited financial results of the Company for the second quarter and half year ended 30 June 2021 along with limited review report of the auditor for the corresponding period.

We are now pleased to inform the Exchanges about the following decisions taken at the meeting of Board of Directors held on 2 August 2021:

1. Approval of the unaudited financial results of the Company for the second quarter and half year ended 30 June 2021; and
2. Declaration of interim dividend of INR 2.50 per equity share of INR 5/- each for the financial year ending 31 December 2021. The said dividend shall be paid on or before 1 September, 2021.

We are enclosing the following:

1. A copy of aforesaid unaudited financial results duly signed by the Managing Director; and
2. Limited Review Report from Deloitte Haskins and Sells LLP, Statutory Auditor of the Company.
3. Press Release

Extract of the aforesaid results will be published in the newspapers in the format prescribed under Regulation 47 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and will also be available on the Company's website on https://www.castrol.com/en_in/india/investors/financial- results.html.

The board meeting commenced at 5.12 p.m. (IST) and concluded at 6.31 p.m. (IST)

You are requested to take the above information on your record.

Yours faithfully,

For Castrol India Limited

Chandana Dhar

Company Secretary and Compliance Officer

Encl. As above
CC	-	Link Intime India Pvt. Ltd., Limited, Registrar and Transfer Agent
		National Securities Depository Limited
		Central Depository Services (India) Limited

Castrol India Limited

Registered Office: Technopolis Knowledge Park, Mahakali Caves Road, Andheri (East), Mumbai - 400 093.

(CIN: L23200MH1979PLC021359)

Website: www.castrol.co.in, Tel: [phone], Fax: [phone], Email - [e-mail]

Unaudited Financial Results for the Quarter and Half Year Ended 30 June 2021

(Rupees in Crore)

Particulars	Half Year	Half Year	Quarter	Quarter	Quarter	Year
	Ended	Ended	Ended	Ended	Ended	Ended
	30.06.21	30.06.20	30.06.21	30.06.20	31.03.21	31.12.20
	Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited
Revenue From Operations	2,028.3	1,178.6	889.6	490.6	1,138.7	2,996.9
Net Profit after tax	383.6	190.6	140.0	65.4	243.6	582.9
Equity Share Capital	494.6	494.6	494.6	494.6	494.6	494.6
Total Comprehensive Income for the period	382.5	190.6	138.9	65.4	243.6	586.6
[Comprising Profit for the period (after tax) and Other Comprehensive
Income (after tax)]
Earnings Per Share (EPS) (Face value of share of Rs. 5/- each)	3.88 *	1.93 *	1.42 *	0.66 *	2.46 *	5.89
(Rs.) (Basic and Diluted) (Not Annualised) *

Notes :

1. The above is an extract of the detailed format of quarterly financial results filed with the stock exchanges under Regulation 33 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015. The full format of quarterly financial results is available on the stock exchange websites. (www.bseindia.com and www.nseindia.com) and the Company's website (https://www.castrol.com/en_in/india/investors/financial-results.html).
2. The financial results have been prepared in accordance with Indian Accounting Standards ("IND AS") notified under section 133 of the Companies Act ("the Act") read with Companies (Indian Accounting Standards) Rules, 2015 as amended.
3. The above results were reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on 2 August 2021.
4. The above results have been subjected to "Limited Review" by the Statutory Auditors of the Company.

• The Company's business segment consists of a single segment of "Lubricants" in accordance with the requirements of Indian Accounting Standard (Ind AS) - 108 Operating Segment. Accordingly, no separate segment information has been provided.

• The Board of Directors of the Company has at its meeting held on 2 August 2021 recommended an interim dividend of Rs. 2.50 per share (2020: Interim dividend Rs. 2.50 per share; Final dividend INR 3.00 per share). The record date for the purpose of said interim dividend, which would be paid on or before 1 September 2021, is 12 August 2021.

• Estimation of uncertainties relating to the global health pandemic from COVID-19: The Company has considered the possible effects that may result from the pandemic relating to COVID-19 in the preparation of the financial results including the recoverability of carrying amounts of financial and non-financial assets. In developing the assumptions relating to the possible future uncertainties in the global economic conditions because of the pandemic, the Company has, at the date of approval of the financial results, used internal and external sources of information and expects that the carrying amount of these assets will be recovered. The impact of COVID-19 on the financial results may be different from that estimated as at the date of approval of these financial results

1. The Parliament of India has approved the Code on Social Security, 2020 (the Code) which may impact the contributions by the Company towards provident fund, gratuity and ESIC. The Code has been published in the Gazette of India however, the effective date has not yet been notified. The Company will assess the impact of the Code when it comes into effect and will record any related impact in the period the Code becomes effective, if any.
2. Employee benefit expenses include one time cost Rs. 19.5 crore for the year ended 31 December 2020 towards Organisation Transformation and Restructuring Programme implemented during the previous year.

	FOR CASTROL INDIA LIMITED
Dated : 2 August 2021	Sandeep Sangwan
Place : Mumbai	Managing Director
	DIN : 08617717

Confidential

Castrol India Limited

Registered Office: Technopolis Knowledge Park, Mahakali Caves Road, Andheri (East), Mumbai - 400 093.

(CIN: L23200MH1979PLC021359)

Website: www.castrol.co.in, Tel: [phone], Fax: [phone], Email - [e-mail]

Unaudited Financial Results for the Quarter and Half Year Ended 30 June 2021

					(Rupees in Crore)
	Half Year	Half Year	Quarter	Quarter	Quarter	Year
Particulars	Ended	Ended	Ended	Ended	Ended	Ended
	30.06.21	30.06.20	30.06.21	30.06.20	31.03.21	31.12.20
	Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited
Income
Revenue From Operations	2028.3	1178.6	889.6	490.6	1138.7	2996.9
Other Income	27.6	35.0	13.3	15.2	14.3	62.0
Total Income	2055.9	1213.6	902.9	505.8	1153.0	3058.9
Expenses
Cost of raw and packing Materials Consumed	906.8	464.8	434.5	134.6	472.3	1173.9
Purchases of traded goods	100.8	50.2	48.2	20.2	52.6	116.5
(Increase) / decrease in inventories of finished goods /	(37.2)	19.4	(37.8)	84.1	0.6	(24.1)
traded goods
Employee Benefits Expense (Refer Note 8)	109.4	96.9	59.3	43.2	50.1	219.8
Finance Cost	1.3	2.5	0.7	1.4	0.6	4.2
Depreciation and Amortisation Expenses	41.4	42.8	19.9	20.6	21.5	86.6
Other Expenses	410.9	279.0	187.9	113.2	223.0	696.7
Total Expenses	1533.4	955.6	712.7	417.3	820.7	2273.6
Profit Before Tax	522.5	258.0	190.2	88.5	332.3	785.3
Tax Expenses
Current tax (net of reversal of earlier years)	144.2	69.5	51.9	24.4	92.3	207.4
Deferred tax	(5.3)	(2.1)	(1.7)	(1.3)	(3.6)	(5.0)
Total Tax Expenses	138.9	67.4	50.2	23.1	88.7	202.4
Profit after tax	383.6	190.6	140.0	65.4	243.6	582.9
Other comprehensive income (OCI)
Items that will not be reclassified to profit or loss
Re-measurement gains / (losses) on defined benefit plans	(1.5)	-	(1.5)	-	-	4.9
Income tax relating to Items that will not be reclassified to profit or loss	0.4		0.4		-	(1.2)
Total other comprehensive income / (expense) for the period	(1.1)	-	(1.1)	-	-	3.7
Total Comprehensive Income for the period	382.5	190.6	138.9	65.4	243.6	586.6
Equity Share Capital	494.6	494.6	494.6	494.6	494.6	494.6
Earnings Per Share (EPS) (Face value of share of Rs. 5/- each)
(RS.) (Basic and Diluted) (Not Annualised) *	3.88 *	1.93 *	1.42 *	0.66 *	2.46 *	5.89
See accompanying notes to the Financial Results
			FOR CASTROL INDIA LIMITED
Dated : 2 August 2021				Sandeep Sangwan
Place : Mumbai				Managing Director
				DIN : 08617717

Confidential

Castrol India Limited

Registered Office: Technopolis Knowledge Park, Mahakali Caves Road, Andheri (East), Mumbai - 400 093.

(CIN: L23200MH1979PLC021359)

Website: www.castrol.co.in, Tel: [phone], Fax: [phone], Email - [e-mail]

Unaudited Financial Results for the Quarter and Half Year Ended 30 June 2021

(Rupees in Crore)

	As At	As At
Statement of Assets and Liabilities	30.06.21	31.12.20
	Unaudited	Audited
Assets
Non-current assets
Property, plant and equipment	164.1	172.6
Right-of-use asset	29.6	34.9
Capital work in progress	35.5	43.5
Other Intangible assets	5.0	1.8
Financial assets
Loans receivable	6.4	6.1
Other financial Assets	-	-
Income tax assets (net)	34.8	60.3
Deferred tax assets (net)	67.9	62.2
Other non-current assets	70.7	68.4
Total non-current assets	414.0	449.8
Current assets
Inventories	474.2	366.9
Financial assets
Trade receivables	302.4	180.5
Cash and cash equivalents	367.2	194.7
Bank balance other than above	795.0	1,079.5
Loans receivable	0.7	1.5
Other financial assets	15.5	30.8
Other current assets	103.3	89.8
Total current assets	2,058.3	1,943.7
Total assets	2,472.3	2,393.5
Equity and liabilities
Equity
Equity share capital	494.6	494.6
Other equity	1,014.0	919.7
Total equity	1,508.6	1,414.3
Non-current liabilities
Financial liabilities
Other financial liabilities	1.2	6.2
Other liabilities	7.6	7.6
Provisions	20.3	18.8
Total non-current liabilities	29.1	32.6
Current liabilities
Financial liabilities
Trade payables
Total outstanding dues of micro enterprises and small enterprises	11.5	4.6
Total outstanding dues of creditors other than micro enterprises and small enterprises	576.2	541.0
Other financial liabilities	242.6	305.4
Other liabilities	49.9	44.2
Provisions	31.8	35.5
Current tax liabilities (net)	22.6	15.9
Total current liabilities	934.6	946.6
Total equity and liabilities	2,472.3	2,393.5
	FOR CASTROL INDIA LIMITED
Dated : 2 August 2021	Sandeep Sangwan
Place : Mumbai	Managing Director
	DIN : 08617717

Confidential